Value of a Red Iron Building

I need to know the salvage value of a red iron building. The building is approximately 60 years old. It is 70' x 200' with 28' side walls. The posts and trusses are red iron and the siding is sheet metal. The building basically has no use other than for scrap. I am located in north central arkansas. Is there any way one could estimate the value of the building? Thanks

Welcome to SMF from the Dakota's. The real question is how much it will cost in demolition to remove the building. A square foot of quarter inch steel weighs 10 lbs. With this figure and local prices you can figure the value of the steel. Even at salvage prices much less scrap prices in the current market, you would have to pay to bring the building down. This was usually true even during the bull market of steel.

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Well, I do not plan on taking the building down or anything like that. I am actually a real estate appraiser. I am trying to determine whether or not the building has any actual value or not. It is in an old part of down that is basically a ghost town. It has no commercial appeal or use. So the only thing that could possibly be done to the building is to remove it and sell the metal. I have no clue about salvage value or scrap value. I have a hard time believing that the building is not worth something, however if the cost to take the building down (likely need a crane or some sort of boom truck) out weighs the salvage or scrap price then I guess it is worth nothing.

Well, I do not plan on taking the building down or anything like that. I am actually a real estate appraiser. I am trying to determine whether or not the building has any actual value or not. It is in an old part of down that is basically a ghost town. It has no commercial appeal or use. So the only thing that could possibly be done to the building is to remove it and sell the metal. I have no clue about salvage value or scrap value. I have a hard time believing that the building is not worth something, however if the cost to take the building down (likely need a crane or some sort of boom truck) out weighs the salvage or scrap price then I guess it is worth nothing.

basically, someone in your position should just try to work out approx how much the person tearing that building down should charge you.
with steel prices being what they are, the scrap value of the steel in that building is negligible.